Promethos Capital LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Promethos Capital LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 66.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,134 shares of the semiconductor manufacturer’s stock after buying an additional 1,251 shares during the quarter. Broadcom accounts for 1.9% of Promethos Capital LLC’s portfolio, making the stock its 20th biggest position. Promethos Capital LLC’s holdings in Broadcom were worth $5,032,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Legend Financial Advisors Inc. increased its position in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. Richardson Capital Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $29,000. Delta Asset Management LLC TN increased its holdings in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new position in Broadcom during the 1st quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC purchased a new stake in Broadcom in the 1st quarter worth approximately $37,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Truist Financial boosted their target price on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a report on Friday, September 6th. Citigroup reaffirmed a “buy” rating and set a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Evercore ISI increased their price target on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Finally, Bank of America reaffirmed a “buy” rating and set a $215.00 price objective (up from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Up 3.6 %

Shares of Broadcom stock opened at $167.42 on Friday. The company has a 50-day simple moving average of $156.80 and a two-hundred day simple moving average of $146.69. The stock has a market capitalization of $779.32 billion, a PE ratio of 7.20, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.27%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.